Bingo !!!, page-29

There is no proof of 10g/t dirt at Purdy's (so far). There is no drilling. There is no proper understanding of how the gold is distributed in the conglomerate beds. There is no resource. Let the speculators do their thing but the washing machine lid will be lifted eventually and the washing will be hung out to dry and that's when we will see the real value of the prospect. At the moment it's based on speculation, some nuggets within the first 0.5m of the grounds surface and a tenuous link to a gold deposit on another continent. This could run to $1 but there is no way of knowing if it is worth anything more than the value of the nuggets that can be collected from the surface.

The prospect is already worth ~$900 million (fully diluted) if you don't include Novo's other assets.

If you are right and the grade is ultimately found to be 10g/t, to obtain $900 million of free cash flow at a margin on production of A$600/oz you would need a 1.5Moz deposit.

This is being valued as a 1.5Moz deposit before one drill hole has been drilled. Esh